Barometers trade with small losses; bank shares slip

The domestic equity benchmarks traded in a narrow range with minor cuts in mid-afternoon trade. The Nifty traded below the 22,200 level after hitting the day's high of 22,297.55 in morning trade. Bank shares decline after advancing in the past two trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 147.32 points or 0.20% to 72,968.29. The Nifty 50 index shed 25.10 points or 0.11% to 22,192.75.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 0.62% and the S&P BSE Small-Cap index gained 0.93%.

The market breadth was strong. On the BSE, 2,230 shares rose and 1,526 shares fell. A total of 129 shares were unchanged.

 

Economy:

Passenger vehicle wholesales in India rose to record levels in April driven by strong demand for utility vehicles, automobile industry body SIAM said on Tuesday. The overall passenger vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of 3,35,629 units in April, as compared to 3,31,278 units in April 2023. Utility vehicle sales stood at 1,79,329 units last month, up 21 per cent from 1,48,005 units in the same month last year.

Buzzing Index:

The Nifty Bank index shed 0.44% to 47,648.10. The index rose 0.41% in the past two trading session.

AU Small Finance Bank (down 2.77%), HDFC Bank (down 1.6%), Federal Bank (down 1.04%), IndusInd Bank (down 0.84%) and IDFC First Bank (down 0.84%) were the top losers. Among the other losers were Punjab National Bank (down 0.64%) slipped.

On the other hand, Bank of Baroda (up 1.17%) ,Bandhan Bank (up 0.56%) and State Bank of India (up 0.33%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.28% to 7.089 as compared with previous close 7.090.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4875, compared with its close of 83.5175 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.59% to Rs 73,204.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 104.83.

The United States 10-year bond yield slipped 0.63% to 4.420.

In the commodities market, Brent crude for July 2024 settlement added 31 cents or 0.38% to $82.69 a barrel.

Stocks in Spotlight:

Granules India rose 1.26% to Rs 404.85 after the company reported 8.40% rise in consolidated net profit to Rs 129.65 crore despite a 1.65% fall in revenue from operations to Rs 1,175.78 crore in Q4 FY24 as compared with Q4 FY23.

Aurionpro Solutions hit an upper circuit of 5% at Rs 2,634 after the companys consolidated net profit jumped 48% to Rs 39.46 crore in Q4 FY24 as compared with Rs 26.60 crore posted in Q4 FY23.

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